Limited Liability Partnership
LLP full form: LLP stands for Limited Liability partnership. LLP is a mix of a traditional partnership, and a company as some of its features are similar to a traditional partnership and some matches with a company.

LLP Registration, a prime reason why it has evolved is that of its simplicity in a formation and easy maintenance. It helps owners also to limit their liabilities. This is the biggest advantage of the Limited Liability Partnership over a traditional Partnership Firm.

Incorporating an LLP company has both Limited Liability features of a Private Limited Company and the flexibility of a Partnership Firm. No partner is liable on account of unauthorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s misconduct. LLP form of organization is usually preferred by Professionals, Micro and Small businesses that are family owned or closely-held.

With the introduction of Limited Liability Partnership (Second Amendment) Rules, 2022, MCA has now made LLP registration procedure even more easier and transparent as now all the LLP forms will be web based forms. An LLP can now be incorporated with up to 5 instead of 2 Designated Partners (without DPIN). Also, with the LLP (2nd Amendment) Rules, 2022, LLPs shall be allotted their PAN and TAN along with the Certificate of Incorporation itself. Hence, no need of separate application for PAN and TAN. Procedure of LLP registration is not lengthy as you can file your incorporation form online. Online LLP registration procedure will save you a lot of time and energy
Documents Required for LLP Registration

A. Documents of Partners

PAN Card/ ID Proof of Partners – All the partners are required to provide their PAN at the time of registering LLP. PAN card acts as a primary ID proof.
Residence Proof of Partners – Partner can submit any one document out of voter’s ID, passport, driver’s license, utility bills not older than 2 months or Aadhaar card as residence proof. Name and other details as per residence proof and PAN card should be exactly the same.
Photograph – Partners should also provide their passport size photograph, preferably on white background.
B. Documents of LLP

Proof of Registered Office Address: Proof of registered office has to be submitted during registration or within 30 days of its incorporation.
If the registered office is taken on rent, a rent agreement and a no-objection certificate from the landlord has to be submitted. No objection certificate will be the consent of the landlord to allow the LLP to use the place as a ‘registered office’.
Besides, any one document out of utility bills like gas, electricity, or telephone bill must be submitted. The bill should contain the complete address of the premise and owner’s name and the document shouldn’t be older than 2 months.
We’ll provide you:-

2 Digital Signature Certificates
2 Director Identification Numbers
1 Name Approval Application
LLP Incorporation Certificate
LLP Agreement
PAN
TAN
Advantages of LLP

Separate legal entity

An LLP has a separate legal entity, just like a company. The LLP is distinct from its partners. An LLP can sue and be sued in its own name. The contracts are signed in the name of the LLP, which helps to gain the trust of various stakeholders and gives the customers and suppliers a sense of confidence in the business.

Limited liability of the partners

The partners of the LLP have limited liability. The liability of the partners is limited to the contributions made by them. This means that they are liable to pay only the amount of contributions made by them and are not personally liable for any loss in the business. If an LLP becomes insolvent at the time of winding up, only the LLP assets are liable for clearing its debts. The partners have no personal liabilities, and thus they are free to operate as credible businessmen.

Low cost and less compliance

The cost of forming an LLP is low compared to the cost of incorporating a public or private limited company. The compliances to be followed by the LLP is also low. The LLP needs to file only two statements annually, i.e. Annual Return and a Statement of Accounts and Solvency.

No requirement of minimum capital contribution

The LLP can be formed without any minimum capital. There is no requirement of having a minimum paid-up capital before going for incorporation. It can be formed with any amount of capital contributed by the partner